Greece to auction 300 mln €13-week T-bills

Greece will auction a total of 300 mln euros of 13-week T-bills on Tuesday, the country's debt agency (PDMA) said on Friday.
Greece kicked off a plan of monthly sales of short-term debt earlier this week, switching from quarterly sales, seeking to improve cash management as it struggles to emerge from its debt crisis. It sold 1.17 bln euros of six-month T-bills at an average yield of 4.82% on September 14.
PDMA said the settlement date for the 3-month T-bill auction will be Friday, September 24. Only primary dealers will be allowed to participate and no commission will be paid.
The T-bills will not be sold into a roll over. A previous 2.4 bln euro issue of three-month T-bills, auctioned in July at a yield of 4.05%, comes due on October 22.
PDMA said non-competitive bids up to an additional 30% of the auctioned amount may be submitted until September 23.